ASCP 2019: You Can Do It! Essentials of Financial Management with Lean Six Sigma Applications for 21st-Century Health Care

By E. Caroline Satyadi, DBA, DLM(ASCP), MS, MBA, SM, SLS, CQA, CLS, FACHE, RAC

Healthcare services, including clinical diagnostics approaches, are continually changing. Focus on patient satisfaction and quality care is now the crucial strategic direction of healthcare organizations (HCOs). Financial management challenges, with reduced Centers for Medicare and Medicaid Services (CMS) reimbursements, personnel shortages, cybersecurity & technological/ diagnostic innovations and the multigenerational labor force, require strong financial management and effective leadership skills. Twenty-first century healthcare leaders need a strong skill set in leveraging financial aspects and organizational structure specialized labor forces; these essential skills become crucial necessities for operation sustainability in health care. In this challenging time in health care, leaders and managers need tools of the trade in business operation for survivability and growth of their institutions in the 21st Century.

Various capabilities, from handling day-to-day service operation, developing strategic financial directions for highest optimum leverages, are crucially important. Specific quality improvements in minimizing errors, identifying root causes, improving turnaround time, acquiring newer instrumentations with higher specificity, opening satellite centers/new facility, etc., all involved financial management.

Many healthcare professionals who take on responsibilities in the clinical environment dealing with patient care lack the essential business management skills. Healthcare leaders are continually faced myriad issues, such as cost-cutting measures, optimizing resource utilization, technology improvements, regulatory compliances, choosing the best instrumentation for highly technical procedures, and so on. 

During the ASCP 2019 Annual Meeting, I will present a session titled, “You Can Do It! Essentials of Financial Management with Lean Six Sigma Applications for 21st-Century Health Care.” In this session, I will provide overview of essentials of financial management with Lean Six Sigma (LSS) applications, basic financial strategic directions under LSS, financial reports, balance sheets, financial ratios, budgeting, accounts payable (AP) monitoring/auditing, coding and billing, supply chains, business associate contracts, inventory management (LIFO/FIFO), cybersecurity, return on investment (ROI) and break even analysis (BEA), with examples as applicable.

I hope you’ll join me for this session!

Learn more about education sessions at ASCP 2019 Annual Meeting here. 

E. Caroline Satyadi, DBA, DLM(ASCP), MS, MBA, SM, SLS, CQA, CLS, FACHE, RAC, is a healthcare management consultant - CSO/ Senior Scientific Reviewer/ Pre- and Post-Market Compliance with the U.S. Food and Drug Administration/Center for Devices and Radiological Health. She has more than 20 years of experience in healthcare operation management of local, regional, state-wide and nationwide institutions. She will present the session, “You Can Do It! Essentials of Financial Management with Lean Six Sigma Applications for 21st-Century Health Care,” on September 13, at 8 a.m.